Can Freyr Claim the High Ground?

NYSE:FREY   FREYR Battery, Inc.
Freyr Battery has been getting attention from Wall Street lately. A Goldman Sachs upgrade on August 25 triggered the first big jump. Morgan Stanley followed with positive commentary four weeks later.

Those bullish calls have left some interesting patterns on the green-energy company’s chart. First, notice how FREY has muscled above April’s peak around $13-$13.50. If it holds, that could suggest old resistance has become new support.

Next, the eight-day exponential moving average (EMA) has remained above the 21-day EMA since prices started rallying in July. That could suggest buyers remain in control, which is especially interesting given weakness in the broader market.

Given this relative strength, traders may watch FREY for a potential breakout if the S&P 500 stabilizes further in coming sessions.

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